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EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Income
Stock-based compensation expense included on the Company’s Consolidated Statements of Income for all stock-based compensation arrangements was as follows:
Years Ended December 31,
202420232022
Cost of sales$15,131 $17,604 $17,709 
Research and development59,545 65,714 61,702 
Selling, general and administrative126,895 123,781 116,897 
Total stock-based compensation expense$201,571 $207,099 $196,308 
Schedule of Restricted Stock Unit Activity
Below is a summary of activity related to RSUs with service-based vesting conditions for the year ended December 31, 2024:
SharesWeighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 20234,703,825 $83.39 
Granted2,501,850 $82.98 
Vested(1,831,475)$81.50 
Forfeited(837,477)$84.20 
Non-vested units as of December 31, 20244,536,723 $83.88 
Below is a summary of activity related to RSUs with vesting conditions based on performance targets for the year ended December 31, 2024:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2023436,100 $83.33 
Granted234,829 $81.27 
Vested(227,009)$78.39 
Forfeited(16,610)$86.62 
Non-vested units as of December 31, 2024427,310 $84.29 
Below is a summary of activity related to RSUs with market-based vesting conditions for the year ended December 31, 2024:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2023403,900 $128.95 
Granted320,990 $102.07 
Vested(262,550)$117.69 
Forfeited(19,000)$122.02 
Non-vested units as of December 31, 2024443,340 $120.92 
Schedule of Fair Value of TSR-RSUs Granted Assumptions
The grant date fair values and assumptions used to determine the fair value of TSR-RSUs on grant date during the periods presented were as follows:
Years Ended December 31,
202420232022
Grant date fair value
$102.07
132.56
$124.67
Expected volatility
20.8 – 168.3%
22.4 – 152.1%
24.5 – 157.6%
Dividend yield0.0%0.0%0.0%
Expected term
2.3 years - 2.8 years
2.8 years
2.8 years
Risk-free interest rate
3.6 - 4.6%
3.8%
2.0%
Schedule of Stock Option Activity
The following table summarizes activity under the Company’s stock option plans for the year ended December 31, 2024. All stock option grants presented in the table had exercise prices not less than the fair value of the underlying common stock on the grant date:
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Years
Aggregate
Intrinsic
Value (1)
Options outstanding as of December 31, 20235,720,131 $85.26 $74,704 
Granted726,430 $80.79 
Exercised(520,189)$65.71 
Expired and forfeited(178,924)$86.01 
Options outstanding as of December 31, 20245,747,448 $86.44 4.8$5,198 
Options unvested as of December 31, 20241,182,545 $83.47 8.7$— 
Exercisable as of December 31, 20244,513,338 $87.38 3.8$— 
(1)The aggregate intrinsic value for outstanding options is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock on the Nasdaq Global Select Market as of the last trading day for the respective year. The aggregate intrinsic value of options outstanding and exercisable includes options with an exercise price below $65.73, the closing price of the Company’s common stock on the Nasdaq Global Select Market on December 31, 2024.
Schedule of Fair Value of Stock Options Granted Assumptions
The assumptions used to estimate the per share fair value of stock options granted during the periods presented were as follows:
Years Ended December 31,
202420232022
Expected volatility
38.0 – 39.4%
37.8 – 40.3%
38.1 – 40.5%
Dividend yield0.0%0.0%0.0%
Expected term
4.7 – 6.2 years
4.7 – 6.2 years
4.7 – 6.1 years
Risk-free interest rate
3.5 – 4.5%
3.5 – 4.6%
2.1 – 4.2%
Schedule of Fair Value of Stock Purchase Rights Granted Under the ESPP
The assumptions used to estimate the per share fair value of stock purchase rights granted under the ESPP were as follows:
Years Ended December 31,
2024
2023
2022
Expected volatility
24.0 – 36.9%
24.0 – 48.0%
28.6 – 69.2%
Dividend yield0.0%0.0%0.0%
Expected term
0.5 – 2.0 years
0.5 – 2.0 years
0.5 – 2.0 years
Risk-free interest rate
4.1 – 5.5%
0.06 – 5.5%
0.04 – 4.8%